asher chpt 1

Working Ethically in Finance

Working Ethically in Finance

Clarifying Our Vocation

Anthony Asher

Working Ethically in Finance: Clarifying Our Vocation

Copyright © Business Expert Press, LLC, 2015

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopy, recording, or any other except for brief quotations, not to exceed 250 words, without the prior permission of the publisher.

First published in 2015 by Business Expert Press, LLC 222 East 46th Street, New York, NY 10017 www.businessexpertpress.com

ISBN-13: 978-1-60649-874-3 (paperback) ISBN-13: 978-1-60649-875-0 (e-book)

Business Expert Press Giving Voice to Values on Business Ethics and Corporate Social Responsibility Collection

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Abstract

To develop a vocation we ask: what do I want to be remembered for? It involves aspiring to personal integrity and a life well lived.

Those of us working in the financial sector fulfill our vocations by finding ways to serve its social purposes, which is to allocate resources efficiently and to provide financial security—not forgetting the needy. This means contributing to institutions, where people can flourish per-sonally, and creating appropriate products and services. The ethics of those working on finding their vocation do not flow from rules and obli-gations, but from a personal commitment to seeking the really good life. This life is based on the fundamental personal virtue, which is integrity. It is concerned with building well, tying our thinking to our words and actions, our work to our motivations and to intrinsic rewards, and means to ends everywhere.

The book is written for those who aspire to the cultivation of the virtues of wisdom, self-control and courage—to develop ourselves and protect ourselves from the intrusion of others—and justice, which is the social virtue that underlies flourishing communities based on mutual respect. We need communal structures and regulations to help us, but these are better if they are less rule orientated, are forgiving, and aimed at bringing out the best in people. The current flaws in the financial system of overcharging, over-servicing, and recklessness are unjust, but can and are being addressed by those who rise to the challenge of finding their virtuous vocations.

Keywords

virtue, vocation, finance, integrity, justice

Acknowledgments

I would like to give thanks to those who have contributed to the shaping of my vocation: as actuary, Christian, husband and father, citizen and friend. It has been my privilege to have worked with many competent, committed, and compassionate people, and been able to call many of them friends. C. S. Lewis, in his Four Loves, writes:

In a good friendship, each member feels humility towards all the rest. He sees that they are splendid and counts himself lucky to be among them . . . The ancients saw it (friendship) as the happiest and most human of loves; the crown of life, and the school of virtue (1977, 77).

In particular, I thank those who have encouraged me in various ways to write for conferences and journals. Especially valuable have been those who have given feedback that has spurred me to read more and address the process of mental accommodation necessary both for understanding and clarity of expression. If my ongoing shortcomings in these are too evident in this book, I can only plead some progress from the earlier at-tempts listed in the bibliography. From those who have spurred me, Rob Thomson, who supervised my PhD and commented in detail on an ear-lier draft of this book must be given first place, but Rob Rusconi, Mickey Lowther, and Piet de Jongh have also made particular contributions or interventions. Mary Gentile, a wise and gentle editor, and Rob Zwettler provided the encouragement of a contract to write the book.

Jane my wife, best friend, editor, and critic, those who have been part of small Christian fellowship groups, and many colleagues and fellow ac-tuaries, have been a source of encouragement and support. Rob Thom-son, Roger Donbavand, Nick Hudson, Paul Oslington, and my sons and daughters-in-law, Robert, Jess, John, Bec, Michael, and Jacqui have also commented helpfully on earlier drafts—thank you.

Contents

List of Figures and Tables .......................................................................xi

Part 1 Preliminaries .................................................................. 1Chapter 1 Vocation and Virtues .........................................................3Chapter 2 What is Not Covered ......................................................11Chapter 3 An Overview of the Finance Sector .................................17

Part 2 Clarifying Justice .......................................................... 27Chapter 4 My Personal Experience ..................................................29Chapter 5 A Model of Justice ...........................................................39Chapter 6 Injustice in Finance and Economics ................................53

Part 3 The Purpose of Financial Services ................................. 77Chapter 7 Investment Management .................................................81Chapter 8 Insurance and Pensions .................................................101Chapter 9 Banking ........................................................................115Chapter 10 Regulation ....................................................................129Chapter 11 The Poor .......................................................................139

Part 4 Preparing Yourself: Finding a Vocation ....................... 147Chapter 12 Passions and Virtues ......................................................151Chapter 13 Developing Our Strengths .............................................169Chapter 14 Serving Society’s Needs .................................................177

Conclusion .........................................................................................187Reflection Exercise ...............................................................................189Bibliography .......................................................................................191Index .................................................................................................201

List of Figures and Tables

Figure 1.1 The Cardinal Virtues .........................................................5 Figure 1.2 The Structure of the Financial Sector ...............................18Figure 2.1 A Traditional Model of Justice .........................................44Figure 3.1 Responsive Regulation ..................................................134Figure 4.1 Clarifying our Vocation .................................................149

Table 3.1 The Risk Management Virtues ......................................123Table 4.1 Stages of Development ..................................................162

PART 1

Preliminaries

Introduction

I write this book for those working, or about to begin working, in the financial sector who are aspiring to find personal fulfillment and make a contribution to society. Finding fulfillment in work is best enjoyed in fel-lowship with others. I find it exhilarating to find those with fellow aspira-tions, and would be delighted if you found some personal encouragement by reading this book.

It is a book on ethics, but is more concerned with identifying what is good—the virtues and the opportunities—rather than avoiding the bad, even if the two cannot be easily separated and much good will in-volve correcting the bad! The virtues are not new concepts, but they are not always familiar to those trained in economics and finance. Some are inconsistent with widely held ideas and theories of business. I have tried to span the gap between the old concepts and modern research, because they agree more often than is appreciated. I also try to span the gap between ethical theory and personal practice. My hope is to contribute to the development of a common language to address ques-tions of ethics in finance, and to our personal, social, and economic flourishing.

Before proceeding, let me explain a few personal quirks:

• Itwillbecleartoyouthatthisbookisfullofmyopinions,soI have tried to spare you too many I think and it seems.

• Asabreakfrommypredictableprose,Ihaveextensivelyquoted well-written opinions that resonate with mine, and which may suggest further reading.

2 WORKING ETHICALLY IN FINANCE

• Exclamationmarksindicatesomethingthatismeanttobeamusing or at least ironic. My jokes are often so feeble that you may need help identifying them!

The Plan of the Book

The plan of the book is as follows. Part 1 introduces the concepts that make up the main themes of the book and looks at them in the context of structure of the financial sector.

Part 2 returns to my experiences of injustice and how they led me to uncover a traditional model of justice. In the two cases I mention, the injustices may have been overcome—although leaving many other prob-lems. The traditional model described is then used to identify some of the particular faults of the modern practice of finance in Part 3. Developing a vocation involves seeking to contribute to the flourishing of everyone in our communities, and justice is a prerequisite.

Part 4 considers ways of developing ourselves for fulfilling these vo-cations. This involves working on and with heart, head, and hands—which leads to personal growth in the virtues of self-control, integrity, and wisdom as well as in our particular strengths and skills.

Vocation is personal, and I do not think a useful book could be writ-ten on vocation without the author sharing his or her own experience. Forgive me therefore when I take myself too seriously, dwell too long on some issues and seem to ignore others. Your vocation will only overlap in part, but that is a consequence of it being unique.

This first chapter takes a quick tour of vocation and virtue and some other related concepts.

Vocation

The first of the concepts is vocation. Vocation means calling, and the word originates in the idea that we can feel a desire to live unique and responsible lives. We can contrast vocation to the idea of a career:

One builds a successful career:

• Byaseriesofachievements• Gainedbyyourowneffortsandgenius• Rewardedbywealthandfame

On the other hand, you discover a fruitful vocation:

• Byidentifyinganddevelopingyourvaluesandstrengths• Inrelationshipswhereyougiveandtake• Servingthecommunity,economicallyandsocially

Toexaggeratethedifferences:acareermayprogress,butithasnoaimormeaning. There are material rewards but little satisfaction, and it is likely to be lonely. A vocation has meaning and has an intrinsic satisfaction. The vocation is focused not just on the work but also on its contribution to the wider community. Economist Mancur Olson writes about the anarchistic fallacy (1965, 130), which is the illusion that mutually useful relationships and structures will spontaneously evolve. A vocation intentionally builds these useful relationships in families, businesses, and government.

CHAPTER 1

Vocation and Virtues


Finding our vocation begins by asking the question, “What do I want to be remembered for?” Peter Drucker1 quotes St. Augustine as saying that asking this question is the beginning of adulthood. Drucker goes on to say that if you have an answer before you are 25 years old, you have not understood the question, while if you cannot answer it by the time you are 50 you have wasted your life. His advice is:

Developing yourself begins by serving, by striving toward an idea outside of yourself—not by leading. Leaders are not born, nor are they made—they are self-made. To do this a person needs focus (2012, 174).

For those in the window between 25 and 50, I hope that this book will help develop the focus he speaks about.

Virtues

The virtues, the second main concept, are the personal characteristics (strengths and attitudes) that we need to develop to fulfill our vocation. They can be thought of as the equivalent of the physical virtues (such as strength, speed, and agility) that we need to develop to be better at sport. They are inherent in that we all possess them in some measure, but need training and development to be fully developed.

The four cardinal virtues are justice, courage, self-control, and prudence (or practical wisdom). Very briefly, they can be described as follows:

1. Justice means giving other people their due, and treating them fairly. 2. Courage is what is required to protect ourselves. 3. Self-control both curbs our inclinations to excess and cultivates, by

practice, the habits of a good life. 4. Practical wisdom is making good decisions in the face of uncertainty,

and sometimes opposition.

1This is from Part 5, Chapter 2 of Drucker (2012). Drucker has been called the “father of management theory,” and has written widely on management development.

VOCATION ANd VIRTUES 5

We have inherited this distillation of the cardinal virtues from the ancient Greeks, Plato and Aristotle. Recent work from the field of positive psychol-ogy confirms that, while their interpretation and application varies across cultures, they are universally recognized. Katherine Dahlsgaard and her col-leagues corroborate that they are found in all religious and cultural tradi-tions, and Robert McGrath (2014) confirms it with his analysis of over a million answers from 75 countries to an online survey of values. When he uses cluster analysis on a slightly smaller sample (Table 5), he finds five clusters that can be identified with the four cardinal virtues and integrity.

Figure 1.1 represents how the virtues can help us answer the questions of who we are, what we do, and why we do it.

There is an overlap of meaning in these terms, and the words have beenusedinsomanydifferentcontextsforsolongthatcommonagree-ment on definitions is impossible. The shading in the diagram recognizes this blurring of meaning. We can, however, see that the two virtues on the left (courage and self-control) are more related to influences on who we are, while those on the right (justice and prudence) relate to what we do. The top two (courage and justice) relate to relationship with others, while the bottom two (self-control and prudence) are more personal.

Figure 1.1 The Cardinal Virtues


Illustrated by the line around the diagram, holding everything together, is integrity, the fundamental virtue. Integrity ties the four cardi-nal virtues together into our character (who we are), our vocation (what we do), and our motivation (why we do what we do). In particular, to work just for money falls short of integrity, in the same way as marrying or studying for money. The extrinsic motivation of money also drives out the real satisfaction of working, marrying, or studying!

The arrow on the right indicates an aspiration to building communi-ties that encourage the development of the virtues, and allow all their members to flourish in the widest sense. The need to build community is generally recognized to be at the heart of ethical theories, and even to explain why they are necessary. The ongoing existence of the human race requires it! The idea of vocation adds the consideration that we grow ourselves as we build—so that it is not merely out of obligation that we do so.2

How we determine what is good is one of the main objectives of the academic discipline of philosophy, yet, for reasons I cannot explain, the virtue ethics underlying Figure 1.1 has been out of fashion in academic philosophy for a century or more. There are, however, many academics who now accept it, and I am particularly indebted to Alisdair McIntyre and David Carr’s interpretation of the traditional views. Another con-temporary advocate is Michael Sandel, whose book, Justice, introduces the topic in an accessible way. Even easier are the TED.com recordings of Sandel’s Harvard lectures.3

Theboxat thebottomleftof thediagramraisessomeotherdiffer-ences between virtue ethics and other theories of ethics. Virtue ethics are principles based. They are aspirational rather than a set of rules. Detailed

2MacIntyre develops these ideas in Dependant Rational Animals.3Stan van Hooft’s book gives more extensive coverage, showing also that there is a wide range of interpretations of virtue ethics. The structure shown in Figure 1.1 is my way of thinking about the virtues—and linking them to ethical behavior (deon-tological theories) and outcomes (teleological theories). Following what I understand of McIntyre (and Christian tradition), virtuous people want to, and often do, good things and achieve good objectives. It is not possible to determine which comes first, or to prove anything is good or virtuous from first principles. Ultimately we seek views that are reconcilable to each other.


regulations have too many exceptions, too much detail to remember, and are too prone to rationalization. They can also be used to dominate others and foster resentment and resistance. Following virtue means working at the pursuit of a fruitful vocation rather than feeling guilty for failing ethical rules. We return in Part 4 of this book to a more detailed consid-eration of the virtues and how to cultivate them.

Forgiveness

Of course, we often feel remorse. I am continually astounded at my fail-ure to do the right thing. At the age I am now, I had hoped to be more in control of my actions. I know there are others over 50 who read the Drucker quote above and feel, like me, a bit of a failure! The third main concept, therefore, is the ability to forgive: the grace to continue to try after failing. It is a difficult tension: we ought not treat our faults too lightly, but have to find a way to live with them.

Epicurus, a Greek philosopher, apparently said, “Consciousness of our errors is the first step to salvation.” If he is right about the first step, the second step is to find forgiveness—from those we have wronged, if possible, from ourselves and, if we are believers, from God. Books on ethics—even by virtue theorists—often do not address this question, per-haps because the religious element makes it difficult in a pluralist society. We are being unrealistic, however, if we avoid addressing failure.

Forgiveness is seldom easy and some crimes may seem impossible to forgive. The South African Truth and Reconciliation Commission, and others like it, have, however, shown that people can forgive unspeakable crimes. Such reconciliation requires the right environment and an ability to forgive, which is a virtue beyond the cardinal four.

Empathy

There is a close link between how we treat our own faults and how we re-spond to faults in others. The fourth and final main concept is empathy— using your imagination to put yourself into another person’s shoes.

Empathy starts with recognizing our own feelings and prejudices, and realizing how we tend to deny them. Denying our feelings could


be described as a lack of emotional integrity, causing us to miss hidden drivers of our beliefs and actions, and making it difficult to control them. Observing our own motivations, on the other hand, is a lens that helps us see and understand what others are thinking and doing. A virtuous spiral is set in motion as we strive to understand others better, and begin to understand ourselves better. Empathy leads to community, and supports tolerance and forgiveness.

Heroes and Heroics

While I would like to share some of my indignation at injustice, let me caution against heroics. Allowing anger to become all-absorbing is unhelpful and taking controversial stands can be costly—financially and physically. Philip Jos and his colleagues have catalogued some of the costs of whistle-blowing. Patience is not the same as compromise; it can give you time to discover more creative solutions to issues that concern you deeply—thatmaywellbemoreeffective,aswellassafer.

In trying to think of examples of the heroes who have made finance their vocation, I had some difficulty thinking of anyone who had made a hugedifference.Somanyofthewell-knownfigureshavefeetofclay.Butour modern world could not have been built without the bankers and investment managers who have helped mobilize capital, and many more people would have ended their lives in poverty without insurance and pension arrangements. These institutions have been built and are main-tained largely by groups of people who have done good work throughout their lives. It would be an exaggeration to call them all heroes, but many are professionals who are working out their vocations—virtuously.

If you are tempted to heroics, remember that none of us has the obli-gation to save the world, and it is a little arrogant to think you can. Voca-tion is for the long haul. Jesus was 30 when he began his public activities; Moses, Mohammed, and Gandhi somewhat older before making their unique contributions. The older and more experienced you are, the more likely your stand will bear fruit. In my 20s, I was influenced by a quote from Theodore Roszak (1972, 61), “Nothing counts more heavily against the technocracy than a successful desertion, for there is no underestimat-ing the influence of an authentically happy disaffiliate . . .”. I still like the


quote, even if I rather wrested it out of context and cannot really recom-mend the book. It suggests you have to have participated in a system to understand it, before you can really transform it.

There are those who are called to be heroes, but it is beyond me to make the call. If there are older readers of this book who are finan-cially secure, there may well be places to be brave, and even radical. It is the responsibility of older men and women to take the uncomfort-able stands—and to preserve the young from untenable pressures, such as being sent into the trenches or on suicide missions.

Chapter summary: The virtues include the self-control and courage that make us who we aspire to be; and the justice and wisdom that would direct our actions in ways that we would want as members of flourish-ing communities. Integrity holds the virtuous character together with a meaningful vocation. But, as we will fall short, we need to be ready to forgive ourselves and others. We do not have to be heroes.

Index

Academic schools, 12Accounting management, 93–94Achievement, 169–170Acts of God, 127Actuarial equity, 33Actuarial Society of South Africa, 39Advisory Committee on Pension

Funds, 34Ageing, 108–109Alcoholics Anonymous, 37Anarchistic fallacy, 3Ancillary banking operations, 122Anger, 37Anglican Student Federation (ASF),

29–30Apartheid, 29–32Aristotle, 5Aspirations, 151–154

Bankingancillary operations, 122loans, 115–120money-laundering, 121–122payments, 121–122risk management, 123–128

Bank of International Settlements (the Basel Rules), 129

Barriers to trade, 57Basel I rules, 132Basel II rules, 132Basel’s Advanced Measurement

Approaches, 132Blind alleys, 176Bounded rationality, 160Bullying, 170–171

Capitalism, regulatory, 13, 129–130Capital price, 69–72Carbon trading, 66Career, 3. See also VocationCFA Institute standards, 82, 99–100Character, 6, 9

Christian, 13, 30, 69Codes of ethics and practice, 182Cognitive dissonance, 158Common good, 20–22, 25, 60, 81,

91–92, 141, 178, 185, 187Communities, 177–179Community Growth Fund, 98Complexity, 131–133Consciousness of justice, 55–59Consequentialist theories, 14Controlling without interference,

180–181Corporate governance, investment

management role in, 90–94accounting and earnings

management, 93–94voting for the Board, 90–93

Corruption, normalization of, 183Cost of capital, 83Courage, 4, 5, 68, 157Culture, 5, 49, 123, 183Customers, 77–80Cynicism, 160

Deductibles and health insurance, 107

Defeats, 176Democracy, 21Denial, 37Deontological theories, 14Derivatives, 85, 95–96Disability insurance, 105–107Discrimination, 141–142Doidge, Norman, 153Dominant personalities, 124–125Dying, 108–109Dysfunctional organizations,

182–184

Earnings management, 93–94Economic activity, creating

investment and, 84–86

Economic rents, 59–69excessive charging, 62–66executive remuneration, 67–69over-servicing, 66–67

Efficiency, 43, 45, 60Elasticity, 82Emotional energy, managing, 170Empathy, 7–8Entrepreneurial profit, 71Epicurus, 7Equality, 42–43, 45, 48, 60Equity

actuarial, 33risk premium, overstated, 83–84

Evolutionary arguments, 51–52Excessive charging, 62–66Executive remuneration, 67–69Expected present value, 84Expertise, developing, 174–176

Fairness, 39, 74Financial Action Task Force, 121Financial crisis 2008, 126Financial sector

changing, needs for, 24–25common good, 20–22formal systems, 19–20purpose of, 77–80rules of the game, 22–24structure of, 17–19value, for customer, 77–80

Force Majeur, 127Foreign exchange (FX) dealing,

125–126Forgiveness, 7Formal systems, 19–20Free cover, 110Freedom, 59–60Free trade, creative destruction of, 57Fundamental investing, 87–90

uncertainty, communicating, 89–90

Generativity, 166–167Glass–Steagall Act, 122Global Alliance for Banking on

Values, 144Global Impact Investing Network, 99Government, purpose of, 58–59Grand narratives, 12–13

Greed of business, 56–57Gross domestic product (GDP), 11–12

Haldane, Andrew, 132Hard selling, 101–103Health insurance, deductibles and,

107Heroes, 8–9Heroics, 8–9High frequency trading (HFT),

86, 87Housing, 145

Identity as part of integrity, 163–165Imagined communities, 178–179Injustice, 29–38

in finance and economics, 53–75Institutional economics, 20Insurance

disability, 105–107health, 107moral hazards in, 109–111mortality, 110

Integrity, 6, 154–158Interest. See Price of CapitalInternational Accounting Standards

Board, 129International Actuarial Association,

13, 49International Associations of Business

Communicators, 16International Integrated Reporting

Council (IIRC), 130Intimacy, 165–166Investment management, 81–100

CFA Institute standards, 99–100fundamental investing, 87–90maximization of profits, 82–87overcharging, 94–96over-servicing, 94–96role in corporate governance, 90–94socially responsible investment,

97–99

Johannesburg Stock Exchange, 134Just deserts, 43, 45, 46–47, 55, 60Justice, 4, 5, 39–52

consciousness of, 55–59model comparison, 45–48

202 INdEx

restorative, 21–22, 43, 135–136, 184, 187

traditional model, uncovering, 39–45

Key performance indicators (KPIs), 156

Kohlberg, Lawrence, 14

Land tax, 61Leadership, 184Leading, 179–184Lending, 116–119Liberty, 42, 44, 48Livelihood insurance, 120Living wills. See Resolution plansLiving with tensions, 35–38Loans, 115–120

charging for, 115–116lending for, 116–119revenue, sharing, 119salary-linked housing finance, 120

Love, 165–166

Madouros, Vasileios, 132Mandela, Nelson, 31Marginal costs, 82–83Marginal revenue, 82–83Marketing, 79–80, 104Mastery, 153Matter of judgment, 71–72Maturity transformation, 118McGrath, Robert, 154Meta-regulation, 131Mickey Mouse Protection Act, 60–61Money-laundering, 121–122Money, making, 167–168Moral desert and legitimate

expectations, distinction between, 46

Moral hazards, in insurance, 109–111Mutuals, 111–113

Nearest challenge, starting with, 184–186

Needs, 44and benefits, 104–109physical, 42social, 42

Opening opportunities, 143–145Opportunities, 143–145Oppression, opposing, 139–141Organizations, dysfunctional,

182–184Overcharging, 65, 94–96Overconfidence, 171–174Over-promising, 103–104Over-servicing, 66–67, 94–96

Passions, 151–168Passive investment or indexing, 87Payments, 121–122Pension Fund Committee, 34People’s strengths productive, making,

179–180Performance measurement, 86–87Personal interests, 48Physical needs, 42Plato, 5Political communities, 178Ponzi finance, 117The poor, 139–145Positive economics, problems with,

72–75Poverty, 8, 46, 188Practical wisdom, 4Precision, 11–12Price of Capital, 69–71Principles for Responsible

Investment, 97Professional, 16Profit maximization, 82–87

creating investment and economic activity, 84–86

expected present value or return on capital, 84

marginal costs equal marginal revenue, 82–83

overstated equity risk premium, 83–84

performance measurement, 86–87Prudence, 4, 5Psychology, virtues in, 161–167

generativity, 166–167identity, as part of integrity,

163–165intimacy, 165–166love, 165–166

INdEx 203

Puffery,24–25Purpose, 58–59, 77–80

Reasonable expectations, 63Redistribution, 46, 59, 71Regulation, 129–137

complexity, 131–133meta-regulation, 131reintegrative shaming, 135–136responsive, 133–135, 187restorative justice, 135–136vocation, 136–137

Regulatory capitalism, 13, 129–130Reintegrative shaming, 135–136, 137,

184Rent-seeking, 62Resolution plans, 127–128Responsive regulation, 133–135, 187Restorative justice, 21–22, 43,

135–136, 184, 187Return on capital, 84Revenue, sharing, 119Rights-based approach to social

objectives, 47Risk culture, 124Risk free interest rate, 70Risk management, 123–128

dominant personalities, 124–125resolution plans for, 127–128systemic risks, 125–127virtues, 123

Risk premium, 70–71, 83Rules of the game, 22–24, 25

Salary-linked housing finance, 120Self-authorship, 147, 165, 187Self-control, 4, 5, 151–154Self-efficacy, 153, 170Self-plagiarism, 182Self-regulation, 154Small and medium enterprises

(SMEs), 81, 115Socially responsible investment, 97–99Social needs, 42Society’s needs, serving, 177–186

communities, 177–179leading and controlling, 179–184

South African Commission on the Remuneration of Representatives, 45–46

South African Truth and Reconciliation Commission, 7

Stages of development, 162Statement of Investor Rights, 100Strengths, developing, 169–176

blind alleys and defeats, 176expertise, developing, 174–176satisfaction and success, 169–174

Stress, 170–171Structural reforms, 25Study Project on Christianity

in an Apartheid Society (SPROCAS), 30

Survival bias, 172Systemic risks, 125–127

Taxation, 45, 133Tax law, 139, 140Ten Commandments, 182Timelessness of values, 50–51Tournamenteffect,67–68Traditional model, uncovering,

39–45Tragedy of the commons, 20Training in virtue, 15–16Triple bottom line, 98Tutu, Desmond, 31, 41

Uncertainty, communicating, 89–90Unfair pension fund withdrawal

benefits, 32–35UN Global Compact, 97–98United Nations, 129Universality, 49–50

Value-free science, 53–55Value weighted average price

(VWAP), 86Virginity, 164Virtues, 4–7, 151–168

in psychology, 161–167training in, 15–16

Vocation, 136–137, 3–4. See also Career

finding, 147–150Voiceless, 142–143

Washington Consensus, 131Wisdom, 5, 158–161

204 INdEx

GIVING VOICE TO VALUES ON BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY COLLECTION

Mary Gentile, Editor

The Giving Voice To Values initiative teamed up with Business Expert Press to produce a collection of books on Business Ethics and Corporate Social Responsibility that will bring a practical, solutions-oriented, skill-building approach to the salient questions of values-driven leadership. Giving Voice To Values (GVV: www.GivingVoiceToValues.org)—the curriculum, the pedagogy and the research upon which it is based—was designed to transform the foundational assumptions upon which the teaching of business ethics is based, and importantly, to equip future business leaders to not only know what is right, but how to make it happen.

• Ethical Leadership in Sport: What’s Your ENDgame? by Pippa Grange• The ART of Responsible Communication: Leading With Values Every Day by David L.

Remund• Engaging Millennials for Ethical Leadership: What Works for Young Professionals and

Their Managers by Jessica McManus Warnell

FORTHCOMING TITLES IN THIS COLLECTION• Social Media Ethics Made Easy by Joseph W. Barnes• Business Ethics: A Moral Reasoning Framework by Annabel Beerel• Leadership Ethics: Moral Power for Business Leaders by Lindsay Thompson• Sales Ethics: How To Sell Effectively While Doing the Right Thing by Alberto Aleo and

Alice Alessandri

Announcing the Business Expert Press Digital LibraryConcise e-books business students need for classroom and research

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